Assistant Professor of Finance and Business Economics
Email: miao.zhang@marshall.usc.edu
Curriculum Vitae | Google Scholar Page

Research Interests: Labor Technology and Finance, Regulation and Economic Policies

Recent and Upcoming Presentations:
NBER Economic Analysis of Regulation Conference, ASU Sonoran Winter Conference, MFA, UT Austin Alumni Conference, SGF Conference, Conference on Non-Market Effects of Market Power (Columbia GSB), Tepper-LAEF (Carnegie Mellon), University of Kentucky Finance Conference, CETAFE (Cornell), University of Connecticut Finance Conference, Future of Financial Information Conference (FutFinInfo), SAIF, FIRS, CICF, Tongji Finance Symposium, UC Irvine Finance Conference

Working Papers

Wisdom of the Institutional Crowd: Implications for Anomaly Returns
(with AJ Chen and Gerard Hoberg)
~INSEAD; 14th Annual Hedge Fund Research Conference; 2023 ASU Sonoran Winter Finance Conference; 2023 MFA; UT Austin Alumni Conference; 2023 SGF Conference; 2023 University of Connecticut Finance Conference, 2023 CETAFE (Cornell), 2023 News and Finance Conference (Columbia GSB); 2023 Future of Financial Information Conference (FutFinInfo); 2023 Tongji Finance Symposium

The Cost of Regulatory Compliance in the United States
(with Francesco Trebbi)
NBER Digest
~2023 NBER Economic Analysis of Regulation Conference; Conference on Non-Market Effects of Market Power (Columbia GSB); 2023 Tepper-LAEF (Carnegie Mellon); CICF; University Paris-Dauphine

Talent Retention Risk and Corporate Investment
(with AJ Chen and Zhao Zhang) Coming soon
~2022 Labor and Finance Group Meeting; 2023 MFA; 2023 University of Kentucky Finance Conference; 2023 FIRS; 2023 UC Irvine Finance Conference

Under the Hood of Routine Share Decline
(with Nir Jaimovich and Nicolas Vincent)

Published Papers

The Cross-Section of Investment and Profitability: Implications for Asset Pricing
(with Mete Kilic and Louis Yang)
Journal of Financial Economics, 2022, 145(3), 706-724

Labor-Technology Substitution: Implications for Asset Pricing
Journal of Finance, 2019, 74(4), 1793-1839
Slides | Appendix | Data | Replication
WFA Cubist Systematic Strategies PhD Candidate Award for Outstanding Research

Trading Up and the Skill Premium
(with Nir Jaimovich, Sergio Rebelo, and Arlene Wong)
NBER Macroeconomics Annual, 2019, 34, 285-316
Slides | NBER Presentation

Local Risk, Local Factors, and Asset Prices
(with Selale Tuzel)
Journal of Finance, 2017, 72(1), 325-370
Slides | Appendix | Data

Suitability Check and Household Investments in Structured Products
(with Eric Chang and Dragon Tang)
Journal of Financial and Quantitative Analysis, 2015, 50(3), 597-622

Recent Discussions and Services